The initial public offering (IPO) of stainless steel flexible hose manufacturer Aeroflex Industries Ltd was subscribed 97 times on the last day of bidding on Thursday (August 24).

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The Rs 351-crore IPO received bids for 2,25,37,18,090 shares against 2,32,17,667 on offer, according to NSE data.

The category for qualified institutional buyers (QIBs) received an unprecedented 195 times subscription while the quota for non-institutional investors got subscribed 126 times and retail individual investors (RIIs) 34 times.

The IPO has a fresh issue of up to Rs 162 crore and an offer for sale (OFS) of up to 1.75 crore equity shares. The price range is Rs 102-108 per share. On Monday (August 21), the company said it collected close to Rs 104 crore from anchor investors.

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Proceeds from the fresh issue will be used for repaying debt, and funding working capital requirements, while a certain amount will be used for general corporate purposes and acquisitions for inorganic growth, according to the company.

Aeroflex's equity shares are proposed to be listed on the BSE and the NSE. Pantomath Capital Advisors is the manager of the offer.

(Edited by : Shoma Bhattacharjee)